Robotic floor care appliance maker iRobot Corp. announced it granted equity awards recently as a material inducement to the employment of the company’s newly hired CEO, Gary S. Cohen.
In connection with Cohen’s appointment as iRobot CEO on May 6, 2024, iRobot, maker of Roomba vacuum cleaners and Braava mops, reported it granted Cohen employment inducement awards consisting of 290,000 time-based restricted stock units (RSUs) and 435,000 performance-based restricted stock units (PSUs), each with an effective grant date of June 7, 2024. The RSUs will vest over a three-year period, subject to Cohen’s continuous employment on each vesting date. The PSUs will vest in three tranches over a four-year performance period based on Cohen’s continuous employment through the service period for the applicable tranche and iRobot’s achievement of certain price milestones of iRobot’s common stock, according to the company.
The inducement awards to Cohen, approved by iRobot’s board of directors on June 7, 2024, were granted outside iRobot’s equity incentive plan, according to the company.
